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QuickBooks Online Payroll – Important Update

Quickbooks Security

This is an important update about a recent change in Intuit’s QuickBooks Online Payroll program.

Please read the following message. No action is required on your part.

Quickbooks Security

Intuit recently announced that QuickBooks Online Payroll is partnering with Equifax.

Equifax is one of the largest credit bureaus in the world. It provides credit reports to lenders and creditors when consumers apply for credit.

Starting in fall 2021, a service called “The Work Number” will provide employee and income data from QuickBooks to Equifax, ostensibly to automate information processes for loan applications, credit, or public aid. This is being marketed as a time-saving tool for employees and employers who may occasionally have to provide income and employment information to lenders manually.

Naturally, we are concerned about the privacy and security ramifications of automatically sharing employee data with Equifax, known for a 2017 security breach that affected over 145 million consumers.

The default setting in QuickBooks is to share this data with Equifax, unless you opt-out.

What you need to know now:

  • We have gone ahead and opted out on your behalf
  • Your payroll data will not be shared with Equifax through Quickbooks
  • If for some reason you would like to opt in to this service, please let us know and we can do so

We will continue to monitor this change and keep you informed if there is any further information to share.

Your privacy and security are of vital importance to us.

Should you have any questions or feedback, please reach out to myself or the team. As always, we are here to help and support you.

Caveat: The information in this publication is current as of the time it was written. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Deuzeman & Associates to discuss these matters in the context of your particular circumstances. Deuzeman & Associates does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

 

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